June 10 (Punjab Khabarnama) : GST Network (GSTN) has issued a new form for the manufacturers of pan masala and tobacco products to prevent tax evasion. Through this form, the manufacturers will give the details of raw materials and finished goods to the tax authorities. This new form is GST SRM-2. GSTN had earlier issued GST SRM-1 form for registration of machines of such manufacturers.
GSTN informed its taxpayers on June 7, “Another form called Form GST SRM-2 is also available on the portal. Taxpayers involved in the manufacture of pan masala and tobacco products can now give details of raw materials and finished goods purchased and consumed for the respective month. “
Moor Singhi Executive Director Rajat Mohan said that in the new Form GST SRM-2, detailed monthly details of raw materials and finished goods will have to be given. He said that the purpose of this form is to increase transparency and accountability in the manufacturing process of pan masala and tobacco products.